While highly rated midfielder Julian Draxler has struggled for form this season, the 18-year-old Meyer has largely impressed this season.
The youngster may have started just two Bundesliga fixtures, while making another five substitute appearances, but he has already scored three goals in the process.
He has in turn caught the eye of Fiorentina, with the Italians even submitting an official proposal.
And even if their €6 million bid was swiftly rejected, Viola are not yet prepared to give up on signing the talented footballer.
May Meyer has a contract until June 2017 at Veltins Arena, but his release clause will become active in June 2015.
Schalke sit in sixth place in the Bundesliga following a disappointing derby defeat to Borussia Dortmund, but they are 5/4 to achieve a top 4 finish for the second time in a row.